How to set Default value of a parameter  to display Current Date

I need to display the Default value for my parameter 'As of Date' which is of datatype Date as Current Date[DD-MON-YYYY].
How can I do This??

As Tamir-L pointed out, there is no direct way to do this, but there is a workaround:
First, create a new parameter, but do not base it on any item. Give the parameter a default value of "Today".
Then, create a condition like:
   (    :myParam = 'Today'
    AND <date_item> = sysdate)
OR (    <date_item> = to_date(:myParam, 'DD-MON-YYYY'))Where :myParam is the parameter you created, and <date_item> is the item you are comparing against.
To make things a bit more bulletproof, you could create a calculation that returns sysdate when the parameter is 'Today', a date when the to_date is successful, and NULL when the to_date fails, and use the calculation in the condition.

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